Read more on this subject: Cyberspace and the New Economy
News Story Source: https://www.zerohedge.com, by James Poulos
It's a tale of two crackdowns – and two cultures.
While Beijing scrambles to stamp out immaturity and laziness among its males, Washington is terrified of… wait for it… cryptocurrency.
Gary Gensler, Joe Biden's deeply establishmentarian SEC head, has dropped a bomb on the crypto community with his sudden attack on Coinbase, the leading crypto platform. Perhaps it was naïve for some in the space to have imagined Gensler, once the co-chief of global finance for Goldman Sachs, to be a promising appointee because he spent time teaching and studying crypto at MIT.
But it wasn't until China crushed out their booming crypto economy that American policymakers faced the decision that seems to have led to Gensler's rash and punitive move.
Beijing's successful anti-crypto turn flowed logically from their statecraft model: crush alternate sources of power and authority for intimately Chinese reasons, then spin it in ways t
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